Industrial

Owning or leasing industrial space in New Jersey means you’re within one day’s drive of one-third of the nation’s population. That means the state continues to be a hotbed of warehouse and logistics activity.

Two of the candidates in this year’s gubernatorial election would look to scale back or reconfigure the state’s development and business incentives, while three others appear ready to continue the existing programs as a way to extend the growth of New Jersey’s economy.

It was New Jersey’s largest industrial lease of the fourth quarter — and it was a fitting end to the year for a market that has been fueled by e-commerce tenants and big box construction. But the commitment by Modway Furniture was every bit as notable for its location as it was for its size.

Transwestern, which is now marking five years since it officially opened in New Jersey, has since become a player in the state’s office, industrial and retail sectors. It has seen its annual transaction volume double since 2012 — while its property management portfolio has grown during that time to 4 million square feet from 485,000 square feet — with a platform that offers more than just brokerage services.

For a project that will bring more than 400 new apartments and townhomes to Gloucester County’s largest town, a joint venture is banking on the demand for health care services as a key driver of the property and a potential model for other mixed-use projects in the state.